Updated April 23, 2024
An Iowa buyer agency agreement binds together two parties in a real estate transaction, a buyer and a real estate brokerage (often one specific agent from that firm). A buyer agency agreement confirms the buyer’s commitment to work with the agent and details the responsibilities of the agent to help the buyer find a home. The contract outlines all the services that will be provided to the buyer and will include the amount of compensation owed at the end of the agreement. Some agreements will include agency compensation even if a home is not purchased within the negotiated timeframe of the arrangement.
Disclosures
Agency Disclosure Form – This disclosure form outlines the types of representation offered by a brokerage as well as the duties of the agent.[1]
Dual Agency – A licensee may act as a dual agent (representing both buyer and seller) as long as both parties provide written consent.[2]